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south western federal taxation 2022

Questions and Answers of South Western Federal Taxation 2022

Egret Corporation, a calendar year C corporation, was formed on March 6, 2022, and opened for business on July 1, 2022. After its formation but prior to opening for business, Egret incurred the
Rasa and Jane form Osprey Corporation. Rasa transfers property with a basis of $25,000 and fair market value of $200,000 for 50 shares in Osprey Corporation. Jane transfers property with a basis of
One of your clients, Texas, Inc., is considering electing S status. Both of Texas’s equal shareholders paid $30,000 for their stock. As of the beginning of 2022, Texas’s Subchapter C NOL
Burgundy, Inc., and Violet Gomez are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed
Balm, Inc., has a general business credit for 2022 of $90,000. Balm’s regular income tax liability before credits is $140,000, and its tentative AMT is $132,000. Calculate the amount of general
For many years, Saul’s sole proprietorship and his related Form 1040 have had a number of AMT tax preferences and AMT adjustments. He has made the AMT calculation each year, but the calculated
Pineview Company, a single member LLC, placed in service on June 1, 2022 a $5,000 asset. The asset has a three-year MACRS class life and is ineligible for § 179 expensing and bonus depreciation.
In March 2022, Serengeti exercised an ISO that had been granted by his employer, Thunder Corporation, in December 2019. Serengeti acquired 5,000 shares of Thunder stock for the exercise price of $65
Oak Corporation holds the following general business credit carryovers. If the general business credit generated by activities during 2022 equals $36,000 and the total credit allowed during the
Use the following data to calculate Chiara’s AMT base in 2022. Chiara will itemize deductions and will file as a single taxpayer. Taxable income Positive AMT adjustments Negative AMT adjustments
In January 2021, Iris Corporation purchased and placed in service a certified historic structure building that houses retail businesses. The cost was $300,000, of which $25,000 applied to the land.
In March 2022, Helen Carlon acquired used equipment for her business at a cost of $300,000. The equipment is five-year property for regular tax depreciation purposes.a. If Helen depreciates the
David is the sole proprietor of a real estate construction business. He uses the completed contract method on a particular contract that requires 16 months to complete. The contract is for $500,000,
Allie, who was an accounting major in college, is the owner of a medium-size construction limited liability company. She prepares the company’s tax return each year. Due to reporting a home
Lilia is going to be subject to the AMT in 2022. She owns an investment building and is considering disposing of it and investing in other realty. Based on an appraisal of the building’s value, the
Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2022.a. Calculate Wolfgang’s itemized deductions for AMT purposes. b. What is the total amount of
Pat is 40, is single, and has no dependents. She received a salary of $390,000 in 2022. She earned interest income of $11,000, dividend income of $15,000, gambling winnings of $14,000, and interest
This textbook includes many features beyond the text materials in each chapter. For example, there is a glossary in the appendices and a list of suggested readings and a list of key terms at the end
In 2021, Madden, who is single, has adjusted gross income of $145,200, uses the standard deduction of $12,550, and has $132,650 of taxable income. Compute the following for Madden. a. Federal
Using the title “The Future of Tax Research in the Era of Artificial Intelligence,” write a two-page paper to submit in your accounting information systems or data analytics course. Find examples
What is meant by the term petitioner?
Go to the U.S. Tax Court website (ustaxcourt.gov). a. What different types of cases can be found on the site? b. What is a Summary Opinion? Find one. c. What is a Memorandum decision?
LaceCo has engaged in activities that it believes qualify for the research activities credit. LaceCo estimates that it will reduce its Federal income tax liability by $400,000 as a result of these
While auditing a client, you notice its current tax expense does not equal the tax liability that is reflected on the client’s tax return for the year. Provide at least two possible explanations
DraftJacks, Inc., took an uncertain tax position in 2019, recording an unrecognized tax benefit of $100,000. In 2021, the IRS challenged the position and DraftJacks agreed to pay $120,000 to settle
In its books, Ion Corporation reports income tax expense and income tax payable of $200,000 and $250,000, respectively. Assume that Ion will be able to use only $30,000 of any deferred tax asset,
Jazz, Inc., claimed $100,000 of rehabilitation credits on its 2021 tax return. There was sufficient tax authority to take the credits. However, due to uncertainty regarding the eligibility of some of
Megan is a college student who works as a part-time server in a restaurant. Her usual tip is 20% of the price of the meal. A customer ordered a piece of pie and said that he would appreciate prompt
Katie, a resident of Virginia, is considering purchasing a North Carolina bond that yields 4.6% before tax. She is in the 35% Federal marginal tax bracket and the 5% state marginal tax
As a result of a cancer diagnosis in early 2021, Laura has begun chemotherapy treatments. A cancer specialist has given Laura less than one year to live. She has incurred sizable medical bills and
Data, Inc., purchased and placed in service a $5,000 computer on August 24, year 3. This is the only asset purchase during the year. Code § 179 expensing and bonus depreciation were not elected.
Data, Inc., purchased and placed in service a $5,000 compute on August 24, year 3. This is the only asset purchase during the year. Code § 179 expensing and bonus depreciation were not elected. The
In the current year, Madero Corporation made a $400,000 interest-free loan to Francisco Madero, the corporation’s controlling shareholder. Mr. Madero is also the corporation’s chief executive
Bell, Inc., an accrual basis taxpayer, makes and sells personal computing equipment. It includes basic one-year warranty service with most of its products and, for financial reporting purposes,
Banks Corp., a calendar year corporation, reimburses employees for properly substantiated qualifying business meal expenses. The employees are present at the meals, which are neither lavish nor
Akiko, a single taxpayer, incurred higher-than-expected expenses in her active business in 2021. In addition, the economy moved into a mild recession, so her revenues were lower than in last year.
Marvin exchanged real property used for his printing business for new real property. The adjusted basis of the real property he gave up was $15,000. The new real property had a fair market value of
Since the first bitcoin transaction in 2009, the number of virtual currencies has grown to over 1,500 and some taxpayers trade the currencies multiple times each day (i.e., like a day trader). Find a
Refer to the facts in the preceding problem. Assume that Blue Corporation disposes of the manufacturing asset at the beginning of year 7 for $40,000. Compute the amount of gain or loss recognized for
In 2021, Beth Jarow had a $28,000 loss from the sale of a personal residence. She also purchased from an individual inventor for $7,000 (and resold in two months for $18,000) a patent on a rubber
Reba is a single taxpayer. Lawrence, Reba’s 84-year-old dependent grandfather, lived with Reba until this year, when he moved to Lakeside Nursing Home because he needs specialized medical and
Many see the “step-up in basis at death” rule as an expensive tax loophole enjoyed by the wealthy.a. Find the latest estimates of the revenue loss to the Treasury that is attributable to this
During 2021, José, a self-employed technology consultant, made gifts in the following amounts.In addition, on professional assistants’ day, José takes Haley to lunch at a local restaurant at a
How do U.S. individuals generate their income? Does it vary by size of income (AGI)? Go to the IRS tax statistics website (irs.gov/statistics), and look for recent information on “sources of
In June of 2021, Enrique and Denisse Espinosa traveled to Denver to attend a three-day conference sponsored by the American Society of Implant Dentistry. Denisse, a self-employed practicing oral
Prepare an outline of a speech on the topic “Should a Millennial Establish a Roth IRA and Contribute to It?” for your school’s Investment Club.
Samantha recently was employed by an accounting firm. During the year, she spends $2,500 for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were
Christine is a full-time fourth-grade teacher at Vireo Academy. During the current year, she spends $1,400 for classroom supplies. On the submission of adequate substantiation, Vireo reimburses her
Mateo is a real estate broker who specializes in commercial real estate. Although he usually buys and sells on behalf of others, he also maintains a portfolio of property of his own. He holds this
Bengal Corporation’s reported book income was $30,000,000. Bengal’s net income included straight-line depreciation of $3,500,000, $25,000 of City of Denver bond interest, $4,000,000 of dividend
Dan Knight and Patricia Chen form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis
Emerald Corporation must change its method of accounting for Federal income tax purposes. The change will require that an adjustment to income be made over three tax periods. Jonas, the sole
Ryan Ross (111-11-1112), Oscar Omega (222-22-2223), Clark Carey (333-33-3334), and Kim Kardigan (444-44-4445) are equal active members in ROCK the Ages LLC. ROCK serves as agent and manager for
Gray is a 50% partner in Fabco Partnership. Gray’s tax basis in Fabco on January 1, year 4, was $5,000. Fabco made no distributions to the partners during year 4 and recorded the following.What is
John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303.
Based on the most recent data from irs.gov/taxstats or the IRS Data Book, use Microsoft Excel to prepare a pie chart showing the total number of business tax returns filed, including sole
The Matthew Corporation, an S corporation, is equally owned by three shareholders— Emily, Alejandra, and Kristina. The corporation is on the calendar year basis for tax and financial purposes. On
Which of the following statements best describes a multistate corporation’s approach to the apportionment and allocation of its income?I. The corporation will allocate its nonbusiness income.II.
PinkCo, Inc., operates in two states, both of which equally weight the three apportionment factors. PinkCo reports the following results for the year. Compute the apportionment percentage for both
Velocity, Inc., a non-U.S. corporation, earned $500,000 U.S.-source income from royalties that it collected and $400,000 interest from its investment in U.S. Treasury bonds. Compute Velocity’s U.S.
Which of the following statements is most correct?a. Tax preference items for the alternative minimum tax are always added back to regular taxable income.b. Itemized deductions that are added back to
Betty is age 34 and has AGI of $50,000. The following items may qualify as itemized deductions for Betty:What is the itemized deduction add-back for the AMT?a. $2,000b. $2,800c. $3,800d. $8,800
In an e-mail to your instructor, outline an AMT planning opportunity not mentioned in the chapter. In the e-mail, discuss the feasibility of the suggested planning opportunity.
Betty is age 34 and has AGI of $50,000. The following items may qualify as itemized deductions for Betty:What are the itemized deductions allowed for the AMT?a. $2,500b. $2,900c. $3,400d. $3,700
Betty is age 34 and has AGI of $50,000 and regular taxable income of $35,000. The following items may qualify as itemized deductions for Betty:What is the alternative minimum taxable income (AMTI)?a.
Indigo, Inc., a closely held C corporation, incurs the following income and losses.a. Calculate Indigo’s taxable income.b. Would the answer in part (a) change if the passive loss was $320,000

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